Profile Software, an international financial solutions provider, announced today the successful utilisation of Acumen, the independent treasury solution by Login SA, a Profile company, at Municipality Finance / Kuntarahoitus (“MuniFin”) based in Helsinki, Finland, to effectively manage and automate their operations.
With a total balance sheet of 34bn euros MuniFin, is the second largest credit institution in Finland and the only lender focused on the financing and financial risk management of the municipal sector and non-profit housing companies. MuniFin’s main activity is to issue bonds on the international capital markets at the lowest cost using its AA+ rating, then swap the bonds with international banks to hedge the risk, and finally offer loans at low interest rate to Finnish municipalities for various types of local and regional projects.
For the past 20 years, MuniFin has grown rapidly and issued an increasing number of bonds annually, offering its customers clear and easily understandable financing solutions that meet their specific needs. MuniFin is successfully utilising Acumen to comprehensively manage deal capture, pricing, middle-office, reporting, collateral management, back-office and risk management processes. Acumen is a flexible and truly open system, with state-of-the-art interfaces; it can integrate with numerous systems and pricing platforms to import real time rates and deals.
In terms of instruments, the full scope of financial products are covered, so that includes multiple types of securities (plain vanilla to very structured one’s, inflation linked, FX linked, equity linked, index linked, etc.), interest and cross currency swaps perfectly matching the corresponding bond issue, structured loans, futures, options, money market and FX deals.
Esa Kallio, interim President and CEO and Head of Capital Markets at MuniFin states: “Thanks to Acumen’s flexibility and the timely support of Login’s teams, MuniFin can adapt very quickly to the new market requirements. MuniFin is able to provide competitive services and propose to the market the complex structures it is looking at”.
Login SA and Profile Software are currently working with MuniFin, to implement interfaces with its new chosen back-office system. Interfaces have been designed to maximise Straight Through Processing. Static data, rates, deals and valuations are extracted from the system. The project has been scheduled to take place in four stages. Login’s team and the client, are successfully co-operating to efficiently manage this critical implementation project.
Profile Software along with Login SA are continuously investing in delivering advanced and reliable treasury solutions that provide operational excellence and transparency, while increasing revenue and lower costs for both the Banks and Corporations, operating within a demanding environment.